Charity registration number: 1159361
## Arabian School of Gymnastics
Annual Report and Financial Statements
for the Year Ended 30 June 2022
Isobel Green
## **Arabian School of Gymnastics**
## **Contents (continued)**
|Reference and Administrative Details|1|
|---|---|
|Trustees' Report|2|
|Statement of Trustees' Responsibilities|3|
|Independent Examiner's Report|4|
|Statement of Financial Activities|5|
|Balance Sheet|6|
|Notes to the Financial Statements|7 to 13|
## **Arabian School of Gymnastics**
## **Reference and Administrative Details**
**Trustees** G Howton Ms I Jones Mr Anthony Clark Mrs J Thompson **Charity Registration Number** 1159361 **Principal Office** Sovereign Court 230 Upper Fifth Street Milton Keynes MK9 2HR **Independent Examiner** Isobel Green
Page 1
## **Arabian School of Gymnastics**
## **Trustees' Report**
The trustees present the annual report together with the financial statements of the charity for the year ended 30 June 2022.
## **Achievements and performance**
The year ending 30th June 2022 saw the Charity resume 'normal' operations after the restrictions of the Covid-19 pandemic.
As we hoped, the cost reductions achieved during Covid (mainly hire of an external office and staff redundancies due to the implementation of an automated membership/ booking system), together with efficiencies gained in terms of new systems and processes implemented during the pandemic, really started to pay off for Arabian as the world bounced back from Covid.
Our new systems allowed us to quickly and efficiently on-board new members, previously an extremely manual and time-consuming process. Partly because of this, but also because of our excellent local reputation, our total income for the year increased by over 46% on the previous year (2021 £169.7k/ 2022 £248.3k) as previous members rejoined and we attracted new members. In real terms this performance was even more impressive as the previous year's income included £59k of Government Furlough payments.
Many of the operationg procedures that were necessary under Covid also stood us in good stead, by way of one example we staggered class start and end times in order that people didn't cross over in our reception area. A by-product of this change is that we can increase the number of gymnasts attending in any one day without any bottlenecks in our reception areas, something that was previously a problem for us.
All in all, whilst the pandemic generated a lot of hard work in changing the way we operate, with the benefit of
hindsight these changes have really paid dividends for Arabian.
Our membership has increased and is close to pre pandemic levels and this is achieved with lower overheads and
increased productivity and levels of efficiency.
There were months during the pandemic that were particularly difficult both operationally and financially and we relied heavily on the Government support schemes in place, without which is it unlikely we would still be trading today. However, with this year's performance we are now back to a position of being secure financially and confidently look forward to many more years of operating sucessfully.
The annual report was approved by the trustees of the charity on 26 September 2024 and signed on its behalf by:
......................................... Mr Anthony Clark Trustee
Page 2
## **Arabian School of Gymnastics**
## **Statement of Trustees' Responsibilities**
The trustees are responsible for preparing the trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.
The law applicable to charities requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008, and the provisions of the constitution. The trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Approved by the trustees of the charity on 26 September 2024 and signed on its behalf by:
......................................... Mr Anthony Clark Trustee
Page 3
## **Arabian School of Gymnastics**
## **Independent Examiner's Report to the trustees of Arabian School of Gymnastics**
I report to the trustees on my examination of the accounts of Arabian School of Gymnastics for the year ended 30 June 2022.
## **Responsibilities and basis of report**
As the charity trustees of Arabian School of Gymnastics you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the Arabian School of Gymnastics's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
## **Independent examiner’s statement**
Since Arabian School of Gymnastics's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of , which is one of the listed bodies.
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
1. accounting records were not kept in respect of Arabian School of Gymnastics as required by section 130 of the Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the accounting requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view' which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
...................................... Isobel Green
26 September 2024
Page 4
## **Arabian School of Gymnastics**
## **Statement of Financial Activities for the Year Ended 30 June 2022**
|**Note**
**Income and Endowments from:**
Donations and legacies
Other trading activities
Total income
**Expenditure on:**
Charitable activities
Total expenditure
Net income
Net movement in funds
**Reconciliation of funds**
Total funds brought forward
Total funds carried forward
14
**Note**
**Income and Endowments from:**
Donations and legacies
Other trading activities
Total income
**Expenditure on:**
Charitable activities
Total expenditure
Net expenditure
Net movement in funds
**Reconciliation of funds**
Total funds brought forward
Total funds carried forward
14|**Unrestricted**
**funds**
**£**
3,846
248,289
252,135
(242,709)
(242,709)
9,426
9,426
48,616
58,042
**Unrestricted**
**funds**
**£**
70,047
99,722
169,769
(236,160)
(236,160)
(66,391)
(66,391)
115,007
48,616|**Total**
**2022**
**£**
3,846
248,289|
|---|---|---|
|||252,135|
|||(242,709)|
|||(242,709)|
|||9,426|
|||9,426
48,616|
|||58,042|
|||**Total**
**2021**
**£**
70,047
99,722|
|||169,769|
|||(236,160)|
|||(236,160)|
|||(66,391)|
|||(66,391)
115,007|
|||48,616|
All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2021 is shown in note 14.
The notes on pages 7 to 13 form an integral part of these financial statements. Page 5
## **Arabian School of Gymnastics**
## **(Registration number: 1159361) Balance Sheet as at 30 June 2022**
|**Note**
**Fixed assets**
Tangible assets
8
**Current assets**
Stocks
9
Debtors
10
Cash at bank and in hand
11
**Creditors: Amounts falling due within one year**
12
**Net current assets**
**Total assets less current liabilities**
**Creditors: Amounts falling due after more than one year**
13
**Net assets**
**Funds of the charity:**
**Unrestricted income funds**
Unrestricted funds
**Total funds**
14|**2022**
**£**
59,820
18,278
18,479
39,515
76,272
(35,920)
40,352
100,172
(42,130)
58,042
58,042
58,042|**2021**
**£**
61,692
16,895
11,255
38,584|
|---|---|---|
|||66,734
(35,062)|
|||31,672|
|||93,364
(44,748)|
|||48,616|
|||48,616|
|||48,616|
The financial statements on pages 5 to 13 were approved by the trustees, and authorised for issue on 26 September 2024 and signed on their behalf by:
.........................................
Mr Anthony Clark Trustee
The notes on pages 7 to 13 form an integral part of these financial statements. Page 6
## **Arabian School of Gymnastics**
## **Notes to the Financial Statements for the Year Ended 30 June 2022**
## **1 Accounting policies**
## **Statement of compliance**
The financial statements have been prepared in accordance with the second edition of the Charities Statement of Recommended Practice issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.
## **Basis of preparation**
Arabian School of Gymnastics meets the definition of a public benefit entity under FRS 102. The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts.
## **Going concern**
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.
## **Income and endowments**
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be recieved and the amount of income recievable can be measured reliably.
The recognition of income from legacies is dependent on establlishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable.
## _**Donations and legacies**_
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions are require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
## _**Grants receivable**_
Grants are included in the Statement of financial activities on a receivable basis. The balance of income received for specfic purposes but not expended during the period is shown in the relevant funds on the Balance Sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income recieved, the income is accrued.
## **Expenditure**
All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.
Page 7
## **Arabian School of Gymnastics**
## **Notes to the Financial Statements for the Year Ended 30 June 2022 (continued)**
## _**Charitable activities**_
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
## **Government grants**
Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.
## **Depreciation and amortisation**
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:
Depreciation is provided on the following basis:
Fixtures and fittings -- straight line between 3% and 20%
## **Impairment of fixed assets**
At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine wheter there is any indiction that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the assets is estimated in order to determine the extent of the impairment loss (if any). Intangible assets with indefinite useful lives and intangible assets not yet available for use are tested for imparment annually, and whenever there is an indication that the asset may be impaired.
## **Stock**
Stock are valued at the lower of cost and net relisable value after making due allowance for obsolete and slow-moving stocks.
## **Cash and cash equivalents**
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowing in current liabilities.
- **2 Income from donations and legacies**
Page 8
## **Arabian School of Gymnastics**
## **Notes to the Financial Statements for the Year Ended 30 June 2022 (continued)**
|Donations and legacies;
Donations from individuals
Grants, including capital grants;
Government grants
**Total for 2022**
**Total for 2021**|**Unrestricted**
**funds**
**General**
**£**
2,300
1,546
3,846
70,047|**Total**
**funds**
**£**
2,300
1,546|
|---|---|---|
|||3,846|
|||70,047|
## **3 Income from other trading activities**
|Trading income;
Sales of goods and services
Events income;
Other events income
Membership subscriptions
**Total for 2022**
**Total for 2021**|**Unrestricted**
**funds**
**General**
**£**
223
2,400
245,666
248,289
99,722|**Total**
**funds**
**£**
223
2,400
245,666|
|---|---|---|
|||248,289|
|||99,722|
## **4 Expenditure on raising funds**
**Total costs £**
## **5 Expenditure on charitable activities**
|**Note**
Depreciation, amortisation and other similar costs
Staff costs
**Total for 2022**
**Total for 2021**|**Unrestricted**
**funds**
**General**
**£**
82,413
4,902
155,394
242,709
236,160|**Total**
**funds**
**£**
82,413
4,902
155,394|
|---|---|---|
|||242,709|
|||236,160|
Page 9
## **Arabian School of Gymnastics**
## **Notes to the Financial Statements for the Year Ended 30 June 2022 (continued)**
|Direct costs
Depreciation
Staff costs
**Total for 2022**
**Total for 2021**
**6**
**Staff costs**
The aggregate payroll costs were as follows:
**Staff costs during the year were:**
Wages and salaries
Social security costs
Pension costs
Other staff costs|**Activity**
**undertaken**
**directly**
**£**
82,413
4,902
155,394
242,709
236,160
**2022**
**£**
143,296
7,610
2,472
2,016
155,394|**Total**
**expenditure**
**£**
82,413
4,902
155,394|
|---|---|---|
|||242,709|
|||236,160|
|||**2021**
**£**
134,486
5,462
1,717
-|
|||141,665|
No employee received emoluments of more than £60,000 during the year
Page 10
## **Arabian School of Gymnastics**
## **Notes to the Financial Statements for the Year Ended 30 June 2022 (continued)**
## **7 Taxation**
The charity is a registered charity and is therefore exempt from taxation.
## **8 Tangible fixed assets**
|**Cost**
At 1 July 2021
Additions
At 30 June 2022
**Depreciation**
At 1 July 2021
Charge for the year
At 30 June 2022
**Net book value**
At 30 June 2022
At 30 June 2021
**9**
**Stock**
Stocks
**10 Debtors**
Prepayments
Other debtors
**11 Cash and cash equivalents**
Cash at bank||**Furniture and**
**equipment**
**£**
88,480
3,030
91,510
26,788
4,902
31,690
59,820
61,692
**2022**
**£**
18,278
**2022**
**£**
17,937
542
18,479
**2022**
**£**
39,515|**Furniture and**
**equipment**
**£**
88,480
3,030
91,510
26,788
4,902
31,690
59,820
61,692
**2022**
**£**
18,278
**2022**
**£**
17,937
542
18,479
**2022**
**£**
39,515|**Total**
**£**
88,480
3,030
91,510
26,788
4,902
31,690
59,820
61,692
**2021**
**£**
16,895|
|---|---|---|---|---|
|||91,510|||
|||26,788
4,902|||
|||31,690|||
|||59,820|||
|||61,692|||
|||**2022**
**£**
18,278
**2022**
**£**
17,937
542
18,479
**2022**
**£**
39,515|||
|||||**2021**
**£**
10,713
542|
|||||11,255|
|||||**2021**
**£**
38,584|
Page 11
## **Arabian School of Gymnastics**
## **Notes to the Financial Statements for the Year Ended 30 June 2022 (continued)**
## **12 Creditors: amounts falling due within one year**
|**12 Creditors: amounts falling due within one year**||||
|---|---|---|---|
|Bank loans
Trade creditors
Other taxation and social security
Other creditors
**13 Creditors: amounts falling due after one year**
Bank loans
**14 Funds**
**Balance at 1**
**July 2021**
**£**
**Unrestricted funds**
General
48,616
**Balance at 1**
**July 2020**
**£**
**Unrestricted funds**
General
115,007
**15 Analysis of net assets between funds**
Tangible fixed assets
Current assets
Current liabilities
Creditors over 1 year
Total net assets|**Incoming**
**resources**
**£**
252,135
**Incoming**
**resources**
**£**
169,769|**2022**
**£**
5,358
17,783
12,780
(1)
35,920
**2022**
**£**
42,130
**Resources**
**expended**
**£**
(242,709)
**Resources**
**expended**
**£**
(236,160)
**Unrestricted**
**funds**
**General**
**£**
59,820
76,272
(35,920)
(42,130)
58,042|**2021**
**£**
5,358
17,504
12,200
-|
||||35,062|
||||**2021**
**£**
44,748|
||||**Balance at 30**
**June 2022**
**£**
58,042|
||||**Balance at 30**
**June 2021**
**£**
48,616|
||||**Total funds at**
**30 June**
**2022**
**£**
59,820
76,272
(35,920)
(42,130)|
||||58,042|
Page 12
## **Arabian School of Gymnastics**
## **Notes to the Financial Statements for the Year Ended 30 June 2022 (continued)**
|Tangible fixed assets
Current assets
Current liabilities
Creditors over 1 year
Total net assets
**16 Analysis of net funds**
Cash at bank and in hand
Net debt
Net debt||**Unrestricted**
**funds**
**General**
**£**
61,692
66,734
(35,062)
(44,748)
48,616
**At 1 July 2021**
**£**
38,584
38,584
**At 1 July 2020**
**£**
-|**Total funds at**
**30 June**
**2021**
**£**
61,692
66,734
(35,062)
(44,748)|
|---|---|---|---|
||||48,616|
||||**At 30 June**
**2022**
**£**
38,584
38,584
**At 30 June**
**2021**
**£**
-|
Page 13